The Acacia Life Insurance Company was established in 1867 as a

mutual insurance A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or re ...

company, owned by its policyowners. Its headquarters were in Washington, D.C.,

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

. In 1997, it formed a mutual insurance

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

, Acacia Mutual Holding Company of Washington, D.C. In that process, Acacia Life became a stock life insurance company wholly owned by its parent holding company. Organizationally, Ameritas Acacia Mutual Holding Company became the parent company with ownership of Ameritas Holding Company. The latter company, in turn, became the owner of 100% of the stock of both Ameritas Life Insurance Corporation and Acacia Life Insurance Company, which became stock life insurance companies.

History

Ameritas Life Insurance Corp. merged with Acacia Mutual Holding Company in 1999. On January 1, 2006, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company of

Cincinnati, Ohio Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line w ...

and became UNIFI Mutual Holding Company. Union Central Life was originally established as a mutual life insurance company in 1867 and had formed its own mutual insurance holding company in 2005. In 2006, The Ameritas Acacia Cos. merged with Union Central Life Insurance of Lincoln. In 2014, Union Central, still part of Ameritas, was being sued for allegedly overlooking an agent's

ponzi scheme A Ponzi scheme (, ) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian businessman Charles Ponzi, the scheme leads victims to believe that profits are comin ...

. Ameritas rebranded in 2012 and in 2013, it changed its name back from Summit Investment Advisors to Ameritas. Also in 2013, Ameritas Life Insurance Corp. sold Acacia Federal Saving Bank to Stifel Bank & Trust. Acacia Life merged into Ameritas Life in 2013.

References

{{reflist Mutual insurance companies of the United States Defunct insurance companies Insurance companies based in Washington, D.C. American companies established in 1867 American companies disestablished in 2013 Financial services companies established in 1867 Financial services companies disestablished in 2013 1867 establishments in Washington, D.C. 2013 disestablishments in Washington, D.C. Defunct companies based in Washington, D.C.